U.K. Dec. manufacturing PMI signals slower decline

WilliamL. Watts

FRANKFURT (MarketWatch) -- Activity across the British manufacturing sector continued to contract in December, but at a slower pace, according to a survey of purchasing managers released Tuesday. The Markit/CIPS purchasing managers index for the sector rose to 49.6 from a revised 47.7 in November. Economists had forecast PMI at 47.3. A reading of less than 50 indicates a contraction in activity. "It is encouraging to see output remain steady last month after the declines of recent months, but with the sector highly exposed to a shaky euro zone and reports of softening demand, ironing out economic problems in key export partners will be critical to how the sector performs," said David Noble, chief executive of the Chartered Institute of Purchasing and Supply.

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